SACKED BGL BOSS, ALBERT OKUMAGBA FAILS TO STOP PROBE INTO ALLEGED COMPLICITY IN N48BILLION FRAUD

SACKED BGL BOSS, ALBERT OKUMAGBA FAILS TO STOP PROBE INTO ALLEGED COMPLICITY IN N48BILLION FRAUD

Sacked boardroom influential figure, Albert Okumagba is at the moment in the battle of his life. Since he was named in an alleged fraud that resulted in him being removed as the boss of BGL Limited, he has being running from pillar to post to get soft landing. After BGL was taken over by the Security and Exchange Commission the man who have since gone low profile went to court and sought for an order for interim management team appointed by the SEC to vacate premises of the company, BGL.

Recall the appointed interim management team in conjunction with forensic auditors were charged with conducting formal investigations a result which exposed monumental fraud to the tune of N48billion being perpetrated by Albert and others. Because of the court order the interim management team vacated the premises but that was just for a short time as the Security and Exchange Commission have immediately swung into action by stating their stance on the development. The commission insisted that BGL Securities Limited, BGL Capital Limited, BGL Asset Management Limited, all BGL Group- sponsored individuals (as of December 31, 2014) and Mr. Albert Okumagba remain suspended from all capital market activities.”

The preliminary report of forensic auditors, SEC said, showed that, “The group’s management had progressively eroded its shareholders’ funds through losses sustained over a five-year period totalling about N48bn as at December 31, 2014.” SEC said BGL Group Plc, it’s subsidiaries and sponsored individuals will appear before SEC administrative proceedings committee on August 4 and 5 in relation to investors complaints against the Group.

SEC explained in June that it had opened an investigation into the operations of BGL Group after it received over 40 letters of investor complaints against the group. It had said, “The Securities and Exchange Commission received over 40 letters of investor complaints against BGL Group Plc alleging indebtedness to the tune of about N5.8billion.